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Keyword: oil

Brevity: Headers | « Text »
  • Shouldn’t be we fighting a war on terrorism not on fossil fuels?

    10/21/2014 7:04:12 AM PDT · by rktman · 1 replies
    canadafreepress.com ^ | 10/20/2014 | Marita Noon
    “You are responsible for President Obama’s re-election,” I told 150 folks from the oil and gas industry—most of whom were conservative Republicans. I spoke to them on October 15 in San Angelo, TX. A reporter covering the event wrote that I “stunned the crowd by telling them they were largely responsible for getting the president re-elected, and asking them if they knew how they had helped.” He continued: “The room was very quiet for several moments as Noon waited to see if anyone would volunteer an answer.” We know President Obama has been waging a war on coal—with tens of...
  • The Petro-States in Shambles Despite Obama

    10/21/2014 5:16:54 AM PDT · by Kaslin · 22 replies
    Townhall.com ^ | October 21 | John Ransom
    Despite an administration that has no energy policy, free market forces in the United States are finding a way to provide relief from high prices for an economy that greatly needs the respite. Oil prices are heading the right way for consumers even if the wrong way for the wildcatters, explorers and developers of domestic energy. It’s been planned that way.Now that the worldwide economy is slowing, Saudi Arabia is intent on testing American resolve to become energy independent. The oil-rich kingdom has decided on a price war—a method that would be illegal in the United States—to see if American...
  • How will Saudi Arabia Respond to Lower Oil Prices?

    10/21/2014 5:02:59 AM PDT · by thackney · 10 replies
    Wall Street Pit ^ | Oct 19, 2014 | James D. Hamilton
    Oil prices (along with prices of many other commodities) have fallen dramatically since last summer. Some observers are waiting to see if Saudi Arabia responds with significant cutbacks in production. I say, don’t hold your breath. When oil demand fell in the 1981-82 recession, the Saudis cut production by 6 million barrels a day in an effort to soften the decline in oil prices. They also cut production in response to lower demand in the 2001 recession and the most recent recession. On the other hand, the kingdom boosted production quickly beginning in August 1990 and January 2003 in anticipation...
  • Why Harold Hamm Isn't Worried About Plunging Oil Prices

    10/21/2014 4:58:36 AM PDT · by thackney · 3 replies
    Forbes ^ | 10/20/2014 | Christopher Helman
    Count Harold Hamm, the billionaire CEO of Continental Resources CLR +1.34%, as one oil man not worried about the plunge in crude prices to $82 a barrel. “Notice how it happened all at once,” he says, starting off our phone call. The suddenness of oil’s plunge followed the Saudi assertion a week ago that oil was in oversupply, they could live with $80 oil for a couple years, and didn’t plan to cut their own output. Empty talk, not market fundamentals, moved the price, says Hamm. ”It’s not supply-demand related.” On the contrary, “this is one country, the Saudis, attempting...
  • My sources say there has been a major release of U.S. oil reserves

    10/20/2014 10:25:20 AM PDT · by MeneMeneTekelUpharsin · 100 replies
    Oilfield supply company | 20 October 2013 | Mene
    It appears the U.S. government has made a major release of oil reserves to deliberately affect the price of fuel prior to the elections.
  • Denton fracking ban may be unconstitutional

    10/20/2014 5:22:03 AM PDT · by 2ndDivisionVet · 8 replies
    The Wichita Falls Times Record News ^ | October 19, 2014 | Alex Mills, President, Texas Alliance of Energy Producers
    The good citizens of Denton will be voting on Nov. 4 whether or not to ban hydraulic fracturing. They have been told by former Texas Supreme Court Chief Justice Tom Phillips the ban on fracturing is unconstitutional. “Under the Texas Constitution, I do not believe that a municipality may ban all oil and gas drilling within its borders,” former Chief Justice Phillips said during a hearing before the Denton City Council on July 15. He said the ban is incompatible with state law, and it amounts to a government taking of private property of many mineral interest owners and operators....
  • BHI: US drilling rig count drops 12 units to 1,918

    10/20/2014 4:59:53 AM PDT · by thackney · 3 replies
    Oil & Gas Journal ^ | 10/17/2014 | OGJ editors
    The US drilling rig count declined 12 units to settle at 1,918 rigs working during the week ended Oct. 17, Baker Hughes Inc. reported. BHI’s average US onshore rig count for the third quarter totaled 1,842 units, up 46 from the second quarter and up 133 from third-quarter 2013. The US onshore well count for the third quarter totaled 9,566, up 110 from the second quarter and up 491 from third-quarter 2013. Average US onshore drilling efficiencies dropped to 5.19, primarily caused by fewer wells/rig being generated in the Permian during the quarter, BHI indicated. The Permian accounted for 54%...
  • These 6 Countries Will Be Screwed If Oil Prices Keep Falling

    10/19/2014 6:48:32 PM PDT · by SeekAndFind · 55 replies
    Business Insider ^ | 10/19/2014 | Tomas Hirst
    The collapse in oil prices is already a major cause of concern for countries heavily reliant on exports of the commodity. For some, it could be a matter of avoiding a severe recession. Here's why: For governments in oil-exporting countries to meet their spending commitments they need oil to remain above a certain price. With oil prices under $87 a barrel, countries that rely on high oil prices, including Venezuela, Russia, and Saudi Arabia, may have a reason to be concerned. This chart shows the price per barrel that the six most exposed countries need to meet their national budgets....
  • Lower oil prices are unambiguously good

    10/17/2014 9:03:36 PM PDT · by Abakumov · 41 replies
    Human Events.com ^ | October 18, 2014 | Larry Kudlow
    Steep stock market corrections often create shrouds of pessimism that do bad things to people’s brainpower. And one of the absolutely stupidest things I have heard in recent weeks is that the recent drop in oil prices is bad. You heard me right. Serious people on financial television are saying lower oil prices are a signal of worldwide economic collapse. Here at home that translates to recession, deflation, a profits collapse and rising unemployment. I’ve been around for a while, and I’ve seldom heard such gibberish. The latest stock market scare stems from a bunch of fears — such as...
  • COLUMN-Oil market proves mightier than OPEC: Kemp

    10/17/2014 5:11:41 AM PDT · by thackney · 11 replies
    Reuters ^ | Oct 15, 2014 | John Kemp
    There is nothing remotely surprising about the sharp fall in oil prices over the last four months, except perhaps the timing. The fundamental forces driving prices lower (rising supply outside OPEC from shale and sluggish demand growth as result of conservation and substitution) have been clearly visible for at least two years. "If the shale revolution can be sustained in the United States, and successfully exported to other countries, some combination of OPEC production cuts or lower oil prices to encourage demand and forestall more investment, will be inevitable by 2015-16," I wrote last year ("Saudi Arabia must decide response...
  • Cheap Oil Pops the Green Policy Bubble

    10/17/2014 5:04:17 AM PDT · by thackney · 14 replies
    Wall Street Journal ^ | Oct. 14, 2014 | HOLMAN W. JENKINS, JR.
    ...Tesla’s stock promptly dropped 8%... At $2.99, the price to which gasoline had fallen at some California stations last week, electric cars becoming a mass-market taste and not just an item for wealthy hobbyists recedes from probability. If Democrats especially start to find it politically no longer saleable to subsidize a toy for the rich, the company may be in real trouble. Since World War I, the retail price of gasoline has fluctuated in a band between $2 and $4 (using 2006 dollars as a benchmark). Since the 1970s, though, politicians have repeatedly wedded themselves to policies premised on the...
  • Low Oil Prices: A $660 Billion Stimulus Package

    10/17/2014 3:01:13 AM PDT · by 2ndDivisionVet · 14 replies
    BuzzFeed News ^ | October 16, 2014 | Matthew Zeitlin
    Crude prices have plunged by more than 20% in recent months. The fall means cheaper gas, cheaper flights, and generally good news for American consumers. Oil prices have been falling for months, and the slide could easily continue. With unprecedented instability in the Middle East, how could this be happening? The answer, according to analysts who follow the market, is a little bit of everything, from economic fundamentals in big oil consuming countries to growth in output among some oil producers. But much more clear is the effect of tumbling prices: Low oil prices are the equivalent of a massive...
  • Eagle Ford expected to hit 1.6 million barrels next month

    10/16/2014 11:12:30 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | October 16, 2014 | Jennifer Hiller
    The Eagle Ford Shale is expected to make 1.61 million barrels of oil per day in November, up 42 percent from the year before, according to a new government report. The field is making around 1.58 million barrels of oil daily this month, according to the U.S. Energy Information Administration. The EIA shows production from the Eagle Ford and other major shale fields increasing even as the price of crude oil dips. The Permian Basin remains the nation’s most prolific oil field. It’s expected to make 1.8 million daily barrels of oil in November, up 30 percent from the same...
  • Report: Oil exports could drive manufacturing renaissance

    10/16/2014 4:31:04 AM PDT · by thackney · 20 replies
    Fuel Fix ^ | October 15, 2014 | Jennifer A. Dlouhy
    The oil and gas drilling boom has been good news for U.S. manufacturing, keeping factories supplied with cheap chemical feedstocks and powered by inexpensive energy. Now, a new report from The Aspen Institute and the Manufacturers Alliance for Productivity and Innovation says the United States can further drive the domestic manufacturing renaissance — and keep drill bits turning — by allowing energy companies to sell oil overseas. The paper hinges on the notion that if the United States eases longstanding restrictions on oil exports, it will prompt further crude production inside the country. “Higher levels of oil production require higher...
  • Oil And Gas Prices: How Low Will They Go?

    10/16/2014 4:21:33 AM PDT · by thackney · 30 replies
    Forbes ^ | 10/15/2014 | Brigham A. McCown
    Crude oil prices continue to slide with surging production and weakening economic news. Key benchmarks are near to at a four year low, with West Texas Intermediate (“WTI”) closing at $81.84, well below the $100 to $120 range reached between 2010 and 2012. In fact, the drops have been startling, with WTI closing down $3.90, or 4.77% today alone, and other key benchmarks have not fared better. Until recently, Brent Crude Oil has traded significantly higher than WTI. Surging production and better transportation options have significantly whittled away at the typical $10 to $20 per barrel spread over the last...
  • god hates mini-hitlers: tanking oil price a catastrophe for the putin regime

    10/15/2014 7:03:07 AM PDT · by Reaganite Republican · 28 replies
    Reaganite Republican ^ | 15 October 2014 | Reaganite Republican
    With oil barely holding on to the $80s, the Kremlin's current leadership faces the same problem they did in the (19)80s: budget revenue half-derived from oil exports, and their backwards, inefficient economy still doesn't produce anything that anybody outside of Mother Russia is willing to spend money on- except perhaps mediocre vodka... And when the self-deluded Russians start babbling about 'greatness' while bullying poor, semi-defenseless countries on the borders of their shabby empire, they tend to get a little caught-up in things... and put the pedal-to-the-medal until they are defeated -i.e. Afghanistan- or simply go-broke, i.e. 1991. Yes, compared...
  • Saudi billionaire Alwaleed warns over impact of falling oil price

    10/14/2014 10:54:23 PM PDT · by Enterprise · 41 replies
    ft.com ^ | October 14, 2014 | Simeon Kerr
    In an open letter to Saudi ministers posted via Twitter, Prince Alwaleed bin Talal al-Saud expressed his “astonishment” at comments made by Ali al-Naimi, the oil minister, who reportedly played down the impact of oil prices falling below $100 a barrel. Prices have since fallen below $88 a barrel, or a quarter since June. Prince Alwaleed, noting the kingdom’s 2014 budget was 90 per cent dependent on oil revenues, said belittling the impact of lower prices was a “catastrophe that cannot go unmentioned”.
  • Oil price drop threatens to hit Russia, Iran harder than sanctions

    10/14/2014 11:30:02 PM PDT · by Berlin_Freeper · 17 replies
    latimes.com ^ | October 13, 2014 | Paul Richter
    A drop in global oil prices, driven in part by a boom in U.S. shale oil production, is threatening to hit the economies of energy-exporting Russia and Iran harder than Western economic sanctions have done.
  • Can't Believe I'm Saying This - Time For a Middle-Eastern Oil Import Tariff

    10/14/2014 7:45:55 AM PDT · by LRoggy · 45 replies
    Vanity | 10/14/14 | Lee Roggenburg
    I know. We are the side that preaches free markets. But not all markets are truly free anyway. And this is one time when a substantial national interest needs to be protected. I’m talking about our incredibly productive domestic energy industry that is on the path to making our oil self-sufficiency a reachable goal, at least if we look at it as North America. Except there is one player out there that is desperate to kill the baby in the crib. And in this instance, it’s not the Obama Administration. Yeah, I know. They’re probably creaming at the possibility that...
  • Jim Cramer on the Stock Market: What the Fall in Oil Means

    10/14/2014 6:04:38 AM PDT · by ckilmer · 73 replies
    thestreet ^ | Oct 13, 2014 | Jim Cramer
        3 0iJim Cramer on the Stock Market: What the Fall in Oil Means BY Jim Cramer  Oct 13, 2014 | 12:03 PM EDT   NEW YORK (Real Money) -- Blame it on the Permian. That's where the oil is flooding into the markets right now. Sure, it is absolutely true that the Bakken and the Eagle Ford shales are responsible for the lion's share of new oil being produced in this country. Sure, the Bakken in North Dakota is amazing with its 1.1 million barrels a day, double what it was when I went there a couple of...
  • Kemp: The Saudi Oil Enigma

    10/14/2014 5:22:07 AM PDT · by thackney · 9 replies
    Reuters via Rig Zone ^ | October 14, 2014 | John Kemp
    ...In almost 20 years of writing about oil markets and the Middle East I have not come across anyone who could consistently offer a deep insight into the government's policymaking.... Diplomats and even some economists often assert Saudi Arabia upholds its part of the bargain, in part, by holding spare production capacity with which to meet disruptions in oil supplies from other producers. Only Saudi Arabia has the financial capability and the foresight to invest in spare capacity to help stabilise global oil prices. The problem is that there is almost no evidence to support this claim. Since the kingdom's...
  • Dayton, senators seek federal action on railroad delays

    10/14/2014 5:19:25 AM PDT · by TurboZamboni · 15 replies
    Pioneer Press ^ | 10-13-14 | Don Davis
    DULUTH, Minn. -- Minnesota's leaders want federal help to ease railroad delays. U.S. Sens. Amy Klobuchar and Al Franken and Gov. Mark Dayton on Monday sent a letter to the head of the Surface Transportation Board saying that rail delays are hurting many parts of the economy. "As we watch winter come to the state of Minnesota, we have become increasingly alarmed by the service failures of several railroads that serve critical industries in our state," the three Democrats wrote to board Chairman Daniel Elliott. And on Tuesday, Dayton holds what is expected to be the last of a series...
  • IEA Chief: Oil Price Slump Yet To Hit US Shale Oil Production

    10/13/2014 10:00:07 PM PDT · by Rabin · 22 replies
    Rigzone ^ | Mon Oct 13, 2014 11:01am EDT | SIMON FALUSH
    LONDON, Oct 13 Crude oil and condensates from the United States have a break even price of below $60. OPEC members clamoring for urgent output cuts, to push prices back above $100 a barrel, suck "heavily" on oil exports. Big Dog, Wahabi Arabia is telling the Oil Cartel, they (can't find any way to empower their PotUS) are comfortable with markedly lower oil prices for an extended period, a sharp shift in policy aimed at slowing the expansion in the U.S. shale patch.
  • Facing Glut, Price of Oil Falls Sharply

    10/13/2014 5:41:15 PM PDT · by Oliviaforever · 43 replies
    NYT ^ | 10/13/14 | By CLIFFORD KRAUSS
    Oil prices sank again on Monday, giving consumers more of a break and causing a split among OPEC leaders about what action should be taken, if any, to halt the slide. The price drop has led to a near free fall in gasoline prices in the United States. On Monday, the national average price for regular gasoline was $3.20, 9 cents lower than it was a week ago and 14 cents below the price a year ago, according to the AAA motor club.
  • Saudis To The Oil Market: Get Used To Lower Prices ($80 A Barrel?)

    10/13/2014 6:11:33 AM PDT · by blam · 41 replies
    BI ^ | 10-13-2014 | Ron Bousso and Joshua Schneyer
    Ron Bousso and Joshua Schneyer, Reuters October 13, 2014LONDON/NEW YORK (Reuters) - Saudi Arabia is quietly telling oil market participants that Riyadh is comfortable with markedly lower oil prices for an extended period, a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch. Some OPEC members including Venezuela are clamoring for urgent production cuts to push global oil prices back up above $100 a barrel. But Saudi officials have telegraphed a different message in private meetings with oil market investors and analysts recently: the kingdom, OPEC’s largest...
  • China, Russia Sign CNY150 Billion Local-Currency Swap As Plunging Oil Prices Sting Putin

    10/13/2014 6:08:02 AM PDT · by Enlightened1 · 6 replies
    Zero Hedge ^ | 10/13/14 | Tyler Durden
    While it is beyond a doubt that the primary catalyst for Europe's triple-dip recession has been the nearly two quarters and counting of escalating Russian sanctions that were supposed to solely harm Putin (because who could have possibly foreseen that plunging German exports to Russia would have a far greater impact on the export-driven German economy), the truth is that the Kremlin itself is starting to hurt, if not so much as a result of the European trade embargo but mostly due to crashing oil prices, which have been driven lower almost exclusively by Saudi Arabia as part of its...
  • Former Shell Exec: American Energy Could Save the Economy

    10/10/2014 8:41:17 AM PDT · by Kaslin · 21 replies
    Townhall.com ^ | October 10, 2014 | Thomas Miller
    From 2005 to 2008, John Hofmeister ran the U.S. operations for Royal Dutch Shell. Then he turned 60. The Dutch have a cultural thing about 60. John said it roots back to post-WWII, when too many “older” folk were clinging to their jobs, so the unemployment rate among the youth was unacceptably high. So, many companies mandate retirement at 60. Fortunately, John didn’t drift off-stage. In fact, he’s more visible and viable now than ever. Frequently on CNBC, CNN, Fox and many others, he stopped by our Dallas studios to join Chris Faulkner of Breitling Energy and me for Powering...
  • Iran Slashes Oil Prices to Asia Following Saudi Cut, Lowest Level Since December 2008

    10/10/2014 5:58:40 AM PDT · by thackney · 21 replies
    Wall Street Journal ^ | Oct. 10, 2014 | BENOÎT FAUCON
    Iran has reduced its oil prices to Asia to its lowest level since December 2008, hard on the heels of a similar Saudi cut last week, people familiar with the pricing said Friday... The National Iranian Oil Co. has cut its light crude oil price for Asian deliveries in November to a discount of 82 cents a barrel below the Oman/Dubai benchmark, the people said. The cut, which compares to a premium of 18 cents in October, is identical to a Saudi reduction of $1 a barrel last week for the Arab Light grade to Asia....
  • Price Fall Hastens Decline Of 'Big Oil' As Western Majors Retreat

    10/10/2014 5:29:11 AM PDT · by thackney · 22 replies
    Reuters via Rig Zone ^ | October 09, 2014 | Ron Bousso & Dmitry Zhdannikov
    This year's fall in energy prices is hastening the decline of big oil, as the seven Western majors sell-off assets, cut investment, return money to shareholders and shrink in size, leaving ever more output to small producers and state firms. Companies that were already deep in the red when the price of Brent was at $109 a barrel last year are having to redraw business plans for prices as low as $90. With promised shareholder dividends probably untouchable for now, they will have to divest, cut costs and borrow more against a smaller business just to make ends meet. And...
  • Venezuela Ordered To Pay Exxon $1.6B For Nationalization

    10/10/2014 5:18:06 AM PDT · by thackney · 13 replies
    Reuters via Rig Zone ^ | October 09, 2014 | Corina Pons & Alexandra Ulmer
    A World Bank arbitration tribunal on Thursday ordered Venezuela to pay Exxon Mobil Corp around $1.6 billion to compensate for the 2007 nationalization of its oil projects in the country. The amount is far below the up to $10 billion that Exxon had originally sought and the $6 billion at which the World Bank's International Centre for Settlement of Investment Disputes (ICSID) capped the case, excluding a tax claim. "The Tribunal has found that the expropriation was conducted in accordance with due process, that it was not carried out contrary to undertakings given to the claimants in this respect and...
  • More efficient fracking means more oil and natural gas

    10/09/2014 5:22:18 AM PDT · by thackney · 4 replies
    Star Telegram ^ | Oct. 06, 2014 | SEAN COCKERHAM
    ...U.S. fracking boom is getting even bigger with advances in drilling... Each drilling rig in the Eagle Ford shale of south Texas is pumping an average of more than 400 barrels a day than in the dawn of the fracking boom seven years ago, according to the federal Energy Information Administration. The more efficient drilling has helped Texas to more than double its oil production in the past three years, topping three million barrels a day for the first time since the late 1970s. “The productivity of oil and natural gas wells is steadily increasing in many basins across the...
  • RPT-COLUMN-US refineries fast running out of flexibility on crude: Kemp

    10/09/2014 5:16:27 AM PDT · by thackney · 9 replies
    Reuters ^ | Oct 8, 2014 | John Kemp
    The United States imported more than 7 million barrels per day of crude oil during the first seven months of the year, despite the shale boom, according to the U.S. Energy Information Administration (EIA). Crude imports have fallen from a peak of almost 14 million barrels per day in 2006, but they still account for almost half the barrels processed by U.S. refineries. Some observers have expressed unease about lifting the ban on crude exports while the United States continues to rely on imports to meet such a high proportion of its needs. "With regard to the oil export question,...
  • Without Fracking, Oil Prices Would be at Record Highs

    10/08/2014 7:31:41 PM PDT · by MichCapCon · 13 replies
    Michigan Capitol Confidential ^ | 10/8/2014 | Tom Gantert
    Crude oil would cost at least a record-setting $150-a-barrel today if not for increased oil production in the United States, according to the U.S. Energy Information Administration. EIA chief Adam Sieminski made the comment in a recent interview with Reuters. Sieminski was appointed by President Barack Obama as EIA Administrator in 2012. “What the EIA Administrator is telling us is without fracking in the United States we’d be paying well over $4-a-gallon for gasoline and our economy would truly be in the tank,” said Daniel Kish, senior vice president of policy at the Institute for Energy Research, a non-profit research...
  • How Alberta’s oil patch teamed up with the ‘little guys’ for an end run around Obama

    10/08/2014 7:13:35 AM PDT · by Squawk 8888 · 22 replies
    Financial Post ^ | October 7, 2014 | Rebecca Penty, Hugo Miller, Andrew Mayeda and Edward Greenspon
    So you’re the Canadian oil industry and you do what you think is a great thing by developing a mother lode of heavy crude beneath the forests and muskeg of northern Alberta. The plan is to send it clear to refineries on the U.S. Gulf Coast via a pipeline called Keystone XL. Just a few years back, America desperately wanted that oil. Then one day the politics get sticky. In Nebraska, farmers don’t want the pipeline running through their fields or over their water source. U.S. environmentalists invoke global warming in protesting the project. President Barack Obama keeps siding with...
  • Shell testing new laser-based sensor to find shale gas

    10/08/2014 7:45:45 AM PDT · by ckilmer · 9 replies
    fuelfix ^ | October 7, 2014 at 4:18 pm | Ryan Holeywell
        Shell testing new laser-based sensor to find shale gas Posted on October 7, 2014 at 4:18 pm by Ryan Holeywell in General, Technology WellDog CEO John Pope, right, and Art Toews, gas testing technology specialist, hold a device that uses lasers to help identify shale gas reservoirs (Ryan Holeywell/Houston Chronicle) HOUSTON – Royal Dutch Shell is testing a new device that uses lasers to help identify shale gas reservoirs, Wyoming-based oilfield service company WellDog announced Tuesday.The device, which weights more than 100 pounds, is dropped into a wellbore where it shoots lasers and measures the frequency at which...
  • EU Policy Makers Propose Scrapping Mandatory Tar Sands Label

    10/07/2014 1:42:01 PM PDT · by thackney · 5 replies
    Reuters via Rig Zone | October 07, 2014 | Barbara Lewis
    The European Commission on Tuesday proposed scrapping a mandatory requirement to label tar sands oil as highly polluting after years of industry opposition. The new proposal abandons one obstacle to Canada shipping crude from tar sands to Europe and is likely to draw strong criticism from environmental campaigners and Green politicians. It is suggested in a revised draft law on how refiners report the carbon intensity of the fuel they supply. The debate about labelling tar sands, also known as oil sands, dates back to 2009 when EU member states approved legislation with the aim of cutting greenhouse gases from...
  • EIA Sees Lower OPEC Output, Weaker Demand Growth In 2015

    10/07/2014 11:41:59 AM PDT · by thackney · 1 replies
    Reuters via Rig Zone ^ | October 07, 2014 | Jessica Resnick-Ault; Editing by Chizu Nomiyama and W Simon
    The U.S. Energy Information Administration trimmed its forecast of world oil demand growth next year and made even deeper cuts in its outlook for OPEC production, the latest signs of a shift toward surplus supplies next year. The EIA cut its 2014 global demand forecast to 91.47 million barrels a day, compared with 91.55 million bpd expected last month, according to a monthly report from the agency on Tuesday. As a result, it now expects consumption to rise by 1.24 million bpd, down 100,000 bpd from the previous month's report but still higher than the 1 mln bpd increase estimated...
  • Essay: Life as a female roughneck

    10/07/2014 11:36:11 AM PDT · by thackney · 17 replies
    Fuel Fix ^ | October 7, 2014 | Ryan Holeywell
    Carla Restivo, 61, is a drilling fluids technician working in Colorado for Sugar Land-based Hydro Resources. Oil and gas drillers pump lubricating liquid — known in the industry slang as “mud” — to their drill bits to help them move through layers of rock. Fluids technicians like Restivo help monitor and manage the type of mud that’s used in different phases of drilling process. Restivo started her career as a roughneck in 1976. That makes her relatively unique in the oil and gas industry, where, according to the American Petroleum Institute, fewer than 5 percent of blue collar jobs are...
  • How Low Can Oil Go? {Crude oil suffered a major technical breakdown in August...}

    10/07/2014 5:38:37 AM PDT · by thackney · 33 replies
    Barrons ^ | October 6, 2014 | MICHAEL KAHN
    In March, Barron’s Gene Epstein wrote a cover story arguing that crude oil prices were heading for a 25% decline, to $75 per barrel over the next few years (see Barron’s, “Here Comes $75 Oil,” March 29). It was a bumpy road to start, but it does look as if that prediction is going to be coming true perhaps as soon as next year. Light, sweet crude, recently near $90 a barrel, suffered a major technical breakdown in August. The next level of major support is in the $75-$79 area on the charts. Let’s start with a long-term chart to...
  • New Technology has Destroyed the Myth of Peak Oil

    10/06/2014 1:30:37 PM PDT · by Kaslin · 34 replies
    Townhall.com ^ | October 6, 2014 | Thomas Miller
    The Wall Street Journal ran an article recently exploring why the Peak Oil Predictions had not come true. Written by Russell Gold, the Journal’s senior energy reporter based in Austin, Texas, who himself released his first book called “The Boom: How Fracking Ignited the American Energy Revolution and Changed the World”, the article was an excellent walk through the ups and downs of the oil industry going back even to the late 1800’s. For example, did you know that John D. Rockefeller’s partner in Standard Oil, John Archbold, said, “I will drink every gallon (of oil) produced west of the...
  • OPEC Members’ Discord Adds to Slide in Oil Prices

    10/06/2014 11:56:35 AM PDT · by thackney · 9 replies
    Wall Street Journal ^ | Oct. 5, 2014 | BENOÎT FAUCON and SUMMER SAID
    Discord at OPEC is turning into a price war, loosening the cartel’s grip on the oil market and exacerbating a recent steep selloff. Fissures have widened as Mideast turmoil frays political alliances and producers vie for customers amid a flood of oil from the U.S. and slowing growth in Asia. “No one is telling anyone what they are up to,” one Gulf oil official said. Saudi Arabia this week unilaterally lowered the price it charges for crude scheduled for delivery next month—without the typical consultation with other members of the Organization of the Petroleum Exporting Countries, according to OPEC officials....
  • Searching for a possible endangered species in the Eagle Ford Shale

    10/06/2014 10:11:13 AM PDT · by thackney · 14 replies
    San Antonio Express-News ^ | 10/6/2014 | Jennifer Hiller
    Few people have heard of the spot-tailed earless lizard, once common in South Texas. But the rare lizard’s likely habitat includes large swaths of the Eagle Ford Shale, the prolific oil and gas field south of San Antonio. A 2010 petition by an environmental group to list the spot-tailed earless lizard as a federally protected species is hanging in limbo. “Basically the proverbial you-know-what is going to hit the fan if they propose to list it,” said Melinda Taylor, executive director of the Center for Global Energy, International Arbitration and Environmental Law at the University of Texas at Austin School...
  • Who Are the Kurds?

    10/06/2014 9:13:41 AM PDT · by Sean_Anthony · 3 replies
    Canada Free Press ^ | 10/06/14 | Alan Caruba
    Kurds are an ethnic group who live in a sizeable area, though not a national one that borders Turkey, Syria, Iraq and Iran. It is referred to as Kurdistan As this is being written there is a battle going on between the Kurds in a Syrian town on the border with Turkey, Kobani, and the Islamic State (ISIS) militants that have seized a large area of northern Syria and Iraq. ISIS is also moving south toward Baghdad. The only area they have not been able to seize has been Iraq’s Kurdish region which has been virtually autonomous from what is...
  • More oil trains heading to N.J.

    10/06/2014 7:15:06 AM PDT · by thackney · 20 replies
    NorthJersey.com ^ | October 5, 2014 | SCOTT FALLON
    The owner of the state’s largest refinery is investing heavily in rail transportation to haul oil across the country to its Linden plant, ensuring that more trains carrying millions of gallons of volatile Bakken crude will be traveling through New Jersey. The Houston-based energy giant Phillips 66 recently opened a new rail facility at its Bayway Refinery and began accepting shipments of crude in August. The company intends to build its own rail shipping center near the abundant oil fields of North Dakota and plans to almost double its rail fleet to 3,700 tanker cars to bring more oil to...
  • As global oil futures tumble, U.S. cash crude traders ask: What glut?

    10/06/2014 7:05:22 AM PDT · by thackney · 28 replies
    Reuters ^ | Oct 6, 2014 | CATHERINE NGAI AND JONATHAN LEFF
    An unusual disconnect has emerged in the U.S. oil market, with headline futures slumping to levels below $90 a barrel even as traders in the physical crude market report surprisingly robust demand and strong pricing. In New York and London, big funds and speculators have turned very bearish on prices due to signs of weakening demand in China and Europe, steady exports from Iraq and Libya and a rallying dollar. U.S. futures have fallen 17 percent since mid-June and hit $88.18 per barrel on Thursday, the lowest since April 2013. Among cash traders in Houston and Calgary, where batches of...
  • Eagle Ford, Permian drilling production surges

    10/06/2014 5:09:54 AM PDT · by thackney · 13 replies
    Fuel Fix ^ | October 3, 2014 | Vicki Vaughan
    Spurred by drilling across Texas and led by the Eagle Ford Shale and Permian Basin, crude oil production in Texas rose more than 23 percent in August compared to August 2013, according to the Texas Petro Index. Oil production totaled an estimated 95.56 million barrels in August compared with 77.6 million barrels in August 2013, according to economist Karr Ingham, who developed and maintains the Texas Petro Index. In addition, the 307,700 employees who are estimated to work for drilling and oil-field service companies surpassed 300,000 for the second time since the index was launched in 1995. Employment rose 8.3...
  • American Oil and Gas Needed a Voice

    10/02/2014 11:17:31 AM PDT · by Kaslin · 4 replies
    Townhall.com ^ | October 2, 2014 | Thomas Miller
    Hat’s off to my friend, co-host and boss, Chris Faulkner. This past Monday, the Dallas Business Journal announced their 2014 Who’s Who in Energy list. Under the Oil and Gas tab, it read the following: James L. Poston, Aruba PetroleumT. Boone Pickens, BP Capital Chris Faulkner, Breitling Energy I have to admit, I was pretty proud when I read that Monday afternoon. I’ve been working with Chris on radio programs since December of 2013, and immediately I became aware of his incredibly sharp, witty and fast-thinking mind. These days, he and I may do up to 7 hours of oil...
  • American Oil and Gas Needed a Voice

    10/02/2014 10:15:13 AM PDT · by Kaslin
    Hat’s off to my friend, co-host and boss, Chris Faulkner. This past Monday, the Dallas Business Journal announced their 2014 Who’s Who in Energy list. Under the Oil and Gas tab, it read the following: James L. Poston, Aruba PetroleumT. Boone Pickens, BP Capital Chris Faulkner, Breitling Energy I have to admit, I was pretty proud when I read that Monday afternoon. I’ve been working with Chris on radio programs since December of 2013, and immediately I became aware of his incredibly sharp, witty and fast-thinking mind. These days, he and I may do up to 7 hours of oil...
  • Rail congestion 'crisis' related to Bakken oil likely to be long-term problem

    10/02/2014 7:03:29 AM PDT · by thackney · 14 replies
    MinnPost ^ | 10/01/14 | Brian Lambert
    The rate of North Dakota oil trains crossing Minnesota got another working over yesterday. At KMSP-TV, Tim Blotz says, “Bakken oil now rolls through Minnesota at a rate of more than 15 trains a day, but on a rail system that has limited space, other critical freight — including grain, Taconite, and propane — is often left off track. Rep. Joe Atkins, of Inver Grove Heights, described the issue as ‘a growing crisis’ at a packed legislative hearing. Even so, it's not a simple blame game. … The troubles for Amtrak aren't just the delays, but the length of them....
  • Energy Quote of the Day: 'We are Still Assessing the Outcome of the Attack on the Refineries'

    10/02/2014 5:11:19 AM PDT · by thackney · 2 replies
    The Energy Collective ^ | October 1, 2014 | Jared Anderson
    The US military partnered with Saudi Arabia and the UAE on air strikes that bombed 12 “teapot” refineries in eastern Syria reportedly used as part of ISIS’ underground oil operations. These small modular refineries – producing 300 to 500 barrels per day of refined products – are major sources of funding for the extremists, generating “as much as $2 million per day,” according to a US Central Command release. “We are still assessing the outcome of the attack on the refineries, but have initial indications that the strikes were successful.” – US Central Command It’s been reported that ISIS is...